Article Title: How Does This Lender Stack Up?
Short Description: This lender is a tribal lender that offers customers installment loans. The lender is owned by Tribal Economic Development Holdings, LLC, operated by the Lac Vieux Desert Band of Lake Superior Chippewa Indians, which is governed by tribal law. But is a loan from this lender worth it? We investigate...
Cost of Loan
They are one of the better tribal lenders. Why? Because they have one of the lowest interest rates for tribal loans around. Granted, it’s still a very high interest rate. But, comparing it against other tribal lenders, the rates are actually more reasonable. And, repeat borrowers that pay their loan/s on time can get even lower interest rates as they prove their credit worthiness. The minimum amount you can borrow is $200, with the maximum being $3,500. Interest rates vary and will depend on your credit. However, it can be anywhere from 35% 475% APR. 35% is the lowest interest rate we’ve seen from a tribal lender. That said, this is still an expensive form of borrowing and should only be used for emergencies.
User Review( vote)
- Excellent option for people that need a short-term loan that can be repaid quickly
- Has the lowest interest rates out of all tribal lenders – 35% 475% APR
- Very fast and smooth application process
- Funds are deposited within 24 business hours typically
- 91% of accepted applications are approved
- It’s still a very expensive form of borrowing
- Not a good option for large financial purchases
Life happens and if you’re unprepared, you may investigate taking out loans to boost your short-term cash flows. There are several options on the market and in this article, we will review Big Picture Loans. This company resides in the state of Michigan and is a tribal lender, meaning they operate within an Indian tribe.
Specializing in small unsecured installment loans, these products are made for people who need cash quickly. Funding in some instances can happen within 24-hours, providing quick relief to your financial situation. Throughout this review, you will have enough information to make a decision if Big Picture Loans is the right fit for you.
Overview of Big Picture Loans
Right on their landing page, you see all the links and resources necessary to begin your exploration of the company. With the three simple steps of apply, select loan amount and wait for approval, it can potentially be that easy. Further down the page they advertise:
- Receive Funds Fast
- Use Funds for Anything
- Easy Process
- No Hidden Fees
- Not A Payday Loan
- Easy Repayment Terms
At the bottom of the homepage, you can see a selection of reviews prior customers have left pertaining to their experience. You also have contact information, including phone number, email and a physical mailing location. Overall, if you are looking to learn more or become informed, Big Picture Loans does a great job of disclosing much of the information you need.
What Are the Loans Requirements?
As mentioned, Big Picture Loan specializes in unsecured loans ranging from $200 to $3,500. These loans help you with covering minor emergencies or providing you a simple boost in your cash flow. Before you can apply for a loan, you must meet the following requirements:
- Steady income that includes at least $700 of verifiable income.
- A valid bank account that is in good standing.
- A valid phone number.
- You must reside within the United States and be at least 18 years of age.
Loan Terms and Rates: How Much Will it Cost?
Unlike some tribal lenders, Big Picture Loans gives you the interest rates of their product with specifics. The range is from 35% up to 475%.
However, if you are a new customer your interest rate will be between 350% to 475%.
Loan terms range from 4 months up to a year and a half, allowing for flexible repayment options. The provide a hypothetical example as well if you want to see how a loan is repaid.
Prepayment is also based upon your loan terms and isn’t disclosed on the website.
The Application Process
When you land on the homepage you will quickly see a button where you can begin the application process. Here is where you start inputting your information, starting with the basic details. This includes your home address, a promo code is applicable, and email address. From there, you will link up your bank account in the event you qualify for a loan. The final step includes inputting your social security number and driver’s license information.
The application process is all done electronically, and you will find that the process can take as little as five minutes if you have all the necessary information ready and available.
One aspect of the application process you need to be aware of is Big Picture Loans will verify your banking information. To do this, they are going to request a three-way phone conversation to verify the legitimacy of your account. If your financial institutions doesn’t allow phone verification, Big Picture Loans will use a verification method named Instant Account Verification.
What Happens After the Application?
After you complete the application process and are approved, you will wait for the funding of your loan. According to the FAQ page, if all pertinent information is received by 5:00pm CST and is verified, you can generally expect to receive funds via an ACH next day. This is in line with many in the industry.
If you find that during the application process you decide you no longer want the loan, you are able to cancel the loan application. To do so, you will need to reach out via telephone by 5:00pm CST the same day and cancel the note.
Furthermore, if you’ve already accepted the loan you have a rescission period where you can still back out of the loan. You will however be responsible for any interest accrued for the short time you had proceeds from the note.
The Bottom Line
While that essentially wraps up the actual loan application and funding process, there are still a few items that are important to consider when competing your due diligence.
First includes the affiliations the company has with any trade organizations or professional groups. Big Picture Loans is affiliated with the Online Lenders Alliance and the Native American Financial Services Associations.
Secondly, it’s important to understand how your information is handled and how it is transacted securely. The privacy notice is located at the top of the website for you to review. It’s critical to know where your information lives and what options you have to control that.
Also, Norton Secured is the service used to protect your information during and beyond the loan process.
Big Picture Loans does a very respectable job at providing you with all the information necessary to make an informed decision on obtaining a loan. With critical information readily available, you can find what you need in a short amount of time.
Also, the application process is quick, and funding is in most cases next day. Overall, the company appears solid and should be worth looking into for you next emergency loan.